GREENWAY BLOG

30 June 2023

MarketMinute | Prices, new home sales and apps are on the rise!

Consumer confidence jumped in June, reaching its highest level since January 2022. A strong labor market and economy helped. The 3rd and final estimate of 1st quarter GDP showed economic growth at 2.0%, up from the previous estimate of 1.3%. Unemployment applications fell last week by the most since October 2021. Despite the drop, demand for workers has slowly eased. House prices rose slightly in April, up 0.7% from March, according to the FHFA. Prices rose 3.1% year over year....

READ MORE

23 June 2023

MarketMinute | New home construction surges dramatically!

In his bi-annual testimony before Congress, Fed Chair Powell hammered home the message that the Fed is not done raising rates to fight inflation. Jobless claims held steady at a 20-month high, remaining elevated for a 3rd straight week and signaling the labor market may be softening. Consumer sentiment rose 8% last month to the highest level in 4 months, reflecting greater optimism about inflation and the economy. Single-family homebuilding projects surged 21% in May, the most in more than 3 decades....

READ MORE

20 June 2023

First-Time Homebuyer Perks

  Buying your first home is a monumental step in life, brimming with excitement and a touch of trepidation. It's a decision that carries both the thrill of newfound independence and the weight of significant responsibility. As you embark on this journey, it's normal to experience a mix of emotions, but fear not, for you are not alone. We understand the blend of excitement and overwhelm that accompanies this milestone, which is precisely why we're here to assist you every step of the way. At Greenway Mortgage, we believe the path to homeownership should be paved with guidance and support. Whether you're at the beginning of your savings journey or have...

READ MORE

16 June 2023

MarketMinute | Can middle-income borrowers afford a home today?

Inflation rose at a 4% rate in May, the lowest in 2 years. However, it remains stubbornly high after excluding volatile food and energy prices. Wholesale inflation fell more than expected in May, dropping 90% year over year and falling below pre-pandemic levels. The Fed paused hiking its policy rate for the first time in 14 months at its June meeting but signaled more hikes could be coming. Of roughly 1.1 million homes listed for sale in April, only 25% were affordable to households earning the national...

READ MORE

15 June 2023

The Fed Pauses Rate Hikes

  After 10 straight rate hikes, the Fed held policy rates steady at its recent meeting.  Is this likely a pivot or a pause? In a statement issued after their June meeting, the Fed reiterated their goal of keeping inflation at 2%. Though recent reports indicate a slowdown in rising prices, inflation is still above that mark. The Board will continue to monitor economic activity to make decisions on future adjustments, so it's too soon to know what will come next. Please Note: Mortgage rates are impacted by market forces beyond Fed actions and will not necessarily change at the same pace as the Fed's moves. They often shift before the Fed acts,...

READ MORE